Ramelius Resources reported underlying EBITDA of AUD 765 million for the fiscal year ended June 30, 2026, representing a record margin of 74%. Net profit after tax totaled AUD 320 million, while operating cash flow exceeded AUD 700 million. Underlying free cash flow reached AUD 393 million, or more than AUD 2,000 per ounce, despite a 19% decline in production to 192,000 ounces following the planned closure of the Edna May operation.
Total liquidity stood at AUD 1.1 billion, including AUD 650 million in cash and gold and an undrawn credit facility. The company maintained a conservative debt-to-equity ratio of 0.02 and returned AUD 256 million to shareholders through dividends and buybacks, equating to 65% of underlying free cash flow. A final dividend of AUD 0.03 per share, fully franked, was declared for an eighth consecutive year, bringing total payouts to AUD 0.06 per share for FY 2026.
Capital expenditure rose 19% to AUD 390 million, driven by growth projects and the acquisition of Spartan Resources. The Dalgaranga asset, acquired for AUD 133 million including AUD 131 million in stamp duty, contributed to a maiden underground ore reserve of 1.6 million ounces at 7.3 grams per ton. A Pre-Feasibility Study for the Never Never Underground Project showed an NPV of AUD 3.5 billion at a base gold price of AUD 4,500 per ounce.
Ramelius also outlined plans to sell the non-core Edna May hub for AUD 300 million, with completion expected in September. The Mount Magnet mill expansion, now estimated at AUD 220 million to AUD 253 million, will proceed in two stages, with a major shutdown scheduled for October. Life-of-mine extensions were confirmed for the Galaxy operation, now extending to 2032, and the Rebecca Roe Project reported an NPV of AUD 692 million at current prices.
FY 2027 guidance will be released the week of September 21, with cost inflation expected to rise approximately 8% due to higher diesel, wage, and input costs. Exploration spending is projected at AUD 100 million, while the company hedged remaining FY 2027 gold forward contracts at a cost of AUD 28.4 million.
